South Africa’s economy was 11% larger than the previous estimate of R4.97 trillion, Stats SA said earlier today after it adjusted its gross domestic product (GDP) estimate to R5.52 trillion.
The adjustment comes after the new estimate was based on 2015.
Previously 2010 had been used as the base year for GDP estimations.
A statement on Stats SA’s website said: “Overhauling the way in which we measure the economy provides a far more relevant and reliable measure of GDP.
“With the adoption of new methods, new data sources, and a new base year, Stats SA has revised the entire set of GDP-related time series.
“The revised GDP at current prices shows that the economy was 11.0% larger in 2020 than previously estimated.
“In the 10 years between 2011 and 2020, the percentage difference between the previous and revised levels averaged 9.6%, and ranged between 8.6% in 2014 and 11.0% in 2020.”
* Read the full statement here: https://tinyurl.com/3mdx3hnw
